Binance Malta Lawsuit: Binance Foundation awaits Patients record to dispose of €7 million donation

By Palak Malhotra
Published August 3, 2021 Updated August 3, 2021
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Binance Malta Lawsuit: Binance Foundation awaits Patients record to dispose of €7 million donation

By Palak Malhotra
Published August 3, 2021 Updated August 3, 2021

Binance’s Malta subsidiary has claimed that the exchange-run Blockchain Charity Foundation is waiting for the Malta Community Chest Fund to provide patient clearance, including patient’s medical bills and crypto wallet addresses. Binance has stated that the cryptocurrency assets have been “safely and transparently” stored on a cryptocurrency address easily accessible to the public.

Binance argues the delay was caused for security reasons

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Additionally, the exchange said that the only reason for holding donation pledges was instead of patient verification, so the funds are not wrongfully transferred into fraudulent accounts.

Binance has assured that the hiked funding will solely be dedicated to cancer patients. The exchange claimed that their efforts to transfer the funds in the past to “suffering individuals that are in dire need of assistance” were unsuccessful, according to court documentation.

“We are happy that the appreciated crypto-asset now can help more people. This dedicated fund will always belong to the citizens of Malta,” the spokesperson told Times of Malta.

Chest Fund accuses Binance of attempting fraud

Regardless of Binance’s promises of security and transparency of the donation, the Chest Fund has claimed otherwise. The Malta Community Chest Fund continues to accuse Binance of attempting to liquidate the donation fund from its charity foundation and transferring it to Binance’s accounts in the US.

“This means the voluntary organization is trying not only to renege on the agreement and escape its obligations, but it is also trying to relocate its assets outside of Malta, to the US, where the Maltese courts have no jurisdiction,” the Chest Fund claims in court documents.

Case History

The Malta Community Chest Fund filed a lawsuit by July end, regarding three years of impending donation pledges by Binance-run Blockchain Charity Foundation. The amount had increased from a couple of hundred thousand euros to €7 million upon the stretched halting of transfer.

The office of the commissioner claimed in a letter dated 23rd July that the world’s largest crypto exchange is guilty of “ignoring” yearly reminders to file its accounts for 2018, 2019, and 2020.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
238 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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